Search
Google
Web This Site
Related Links




Other Partners
    

Informative Articles

Determining Your Offer Price
After weeks of seeing homes for sale, you've finally found the house you want to buy. If you are thinking of making an offer, don’t be too anxious or act hastily. Taking your time to carefully study the house as well as the environment before...
Five Tips To Slash Your Home Finance Costs
It’s no wonder that the majority of homeowners dream of one day being able to pay off their home loan and live a life free from the shackles of interest rates, home finance and worries about meeting the monthly mortgage payments because the largest...
Mr. and Mrs. Do-It-Yourselfers
Mr. and Mrs. Do-It-Yourselfers Through the Thick and Thin of Building a Concrete Countertop SAN FRANCISCO, CA, August 2005 -- Concrete countertops, recognized first by architects and designers for their aesthetic potential and project...
Out Of Date Real Estate
As with any other possession, whether it's clothing or cars, there are trends in real estate that come and go. These trends eventually make their way down through the levels of home ownership, and mark a property as "clearly hot" or "clearly not."...
The House Flipping Trend
Picture this: You purchase a run-down old house at a local auction. The house is falling apart, maybe even in the kind of ways that require Condemned signs, and you walk away thrilled to have spent $65,000 of your hard-earned money to own it. What...
 
11 Steps Away From Buying Your Dream Home

There is no doubt that the market for houses has been on fire recently. More and more people are taking advantage of low interest rates and easy mortgage loan terms to go from being renters to being home owners. With so many people entering the market, it is inevitable that questions will arise.

There are many things to consider when buying your first home. Some of the most important steps to buy a house are: pea gravel

Step 1: Learning the home buying process

Start by learning as much as you can about how the home buying and mortgage application process works. Read as much as you can about buying a home. Check out the many books in your local library that offer hints to first time home buyers. Read financial web sites on the internet for tips for first time home buyers. You may even want to sign up for a class aimed at first time homeowners. Many towns and cities offer these kinds of classes, and they can be a great source of information for the buyer looking for his or her first home.

Step 2: Find out the pre-qualified price range

It is important to find out how much you can borrow before you start looking for a home. Talk with several mortgage lenders in your area and get pre-qualified for a particular price range. The mortgage lender will be able to help you determine how much you can borrow based on your annual income. In general, mortgage lenders recommend that all home related expenses, including the mortgage payment, insurance premiums and real estate taxes, do not exceed 28% of your monthly income.

Step 3: Get Pre-approved for mortgage loan

The next step is to get pre-approved for mortgage financing. This is similar to getting pre-qualified for a price range, but it is a more formal process. You will need to supply proof of your income for the pre-approval process to move forward. Most lenders will want to see income tax returns from the past two years as proof of the income you are claiming.

Step 4: House hunting

After you have been pre-approved for your mortgage loan, it is time to actually start house hunting with a realtor (find out why you need to find a realtor before buying a house?). Your mortgage lender will give you a letter stating that you have been pre-approved for a mortgage and the amount you are authorized to borrow. You will need to present this letter to the real estate agent when you get started. It is important to get pre-approved for a mortgage loan before beginning your home search. The real estate agent and real estate company will be much more willing to work with you if they know you can afford the home you are looking at. In addition, sellers will take your offer much more seriously if it is accompanied by a pre-approval letter from your mortgage lender.

Step 5: Make an offer

Once you have found a home that meets your needs, it is time to make an offer on the property. You will already know the most you can spend from the pre-approval process,


and you probably will have your own ideas on what the property is actually worth. In addition, your real estate agent can guide you through the negotiation process and offer procedures. A copy of your pre-approval letter will be presented as part of the written offer. This will ensure the seller that your offer is legitimate.

Step 6: Negotiation process

If the seller accepts your first offer, congratulations. Your negotiations are over and you're ready to start preparing for your move. More likely, however, is that the seller will come back with a counter-offer. This negotiation process can go on for a short or long amount of time, depending on factors like the motivation of the seller, the local real estate market, and a host of other factors. The real estate agent will be a good guide through the negotiation process. After all, he or she will have been through this process many times before.

Step 7: Provide copy of Purchase and Sale Agreement to mortgage broker

After the negotiation process has been completed, you will need to present your mortgage broker with a copy of the Purchase and Sale Agreement for the home.

Step 8: Work to close the mortgage loan

After presenting the Purchase and Sales Agreement, you will need to work with the mortgage broker to ensure you meet all the conditions required for the closing of the mortgage loan.

Step 9: Some inspection prior closing

Prior to closing, you will want to make sure to have a thorough home inspection performed by a qualified and certified home inspector. A home inspection will protect you from flaws in the construction and condition of the home that are not obvious to the naked eye. Youth Rights and Youth Studio Home inspections can uncover things like foundation cracks, termite infestation and other home quality issues.

Step 10: Hand over down payment

After the home inspection has been performed and the report has come back clean (or all the items uncovered have been repaired), it is time for the buyer to actually hand over the money for the down payment and sign the loan documents.

Step 11: Collect the house key

After the closing of the loan, the fun part of home buying begins. Your real estate agent will hand over the keys to your new home and you can actually move in and enjoy your beautiful new home. Welcome to moving day!


About the Author: Andrew is the web owner of "Home Buying and Home Selling Tips: How to buy and sell house fast", a website that provides informational guide on home buying, selling house, home mortgage loan and more. You can visit his website at: http://www.buy-and-sell-house-fast.com/. This article may be freely distributed if this resource box stays attached.

Source: www.isnare.com

Manhattan Las Vegas Condo Listings Now Available via LREP Mobile and MyLvCondoSales.com
Luxury Real Estate Partners today announced a partnership with Smarter Agent to provide Manhattan Las Vegas Condo listings on smart phones and tablets. (PRWeb May 19, 2012) Read the full story at http://www.prweb.com/releases/2012/5/prweb9478032.htm

Washington Real Estate Investment Trust Amends and Extends Credit Facility
Washington Real Estate Investment Trust has amended one of its two unsecured credit facilities, to extend the maturity from July 1, 2014 to July 1, 2016, with a one-year extension option.

REO Properties: Responsibilities, Education, and Opportunities for Real Estate Professionals
With real estate owned (REO) properties numbering in the millions, agents vying for new business opportunities will find an abounding REO market. With the right insurances in place, brokers will be able to both support their agents’ REO business while amassing new and successful real estate transactions throughout the year. With every new real estate [...]

Whitney to operate under own real estate banner
Veteran commercial real estate agent John Whitney is flying solo again.

Homes for Sale Grow Scarce as Sellers Await Higher Prices
A real estate agent near California'sSilicon Valley seeks sellers by combing property records forpeople who've owned their houses for at least 40 years. ADenver-area broker offers half his commission for ...

First Person: Making the Most of Your Real Estate Agent
Real estate agents aren't mind readers, but that didn't stop me from treating the first few I worked with like they were.

"The Keys to Finishing 2012 as Successfully as You Started It"
SHERMAN OAKS, Calif., May 18, 2012 /PRNewswire/ -- National real estate expert and sales guru Steve Harney and best-selling author and Prospect Mortgage's Chief Performance Officer Todd Duncan will co-host ...

Sacto 911: Sacramento real estate agent convicted in mortgage fraud case
Sacramento real estate agent Behrooz Badie has been convicted of of mail fraud in a mortgage fraud case.

Home Economics: How to rate a real estate agent
What kind of real estate agent is Mayfair broker Christopher J. Artur? Let’s see what NeighborCity’s AgentMatch, billed as a way to pair “the best-performing agents with the specific needs of home sellers and buyers,” has to say about this veteran of more than 40 years in the business:

Century 21 China Real Estate Reports First Quarter 2012 Unaudited Financial Results
BEIJING, May 17, 2012 /PRNewswire-Asia-FirstCall/ -- IFM Investments Limited (NYSE: CTC) ("Century 21 China Real Estate" or the "Company"), a leading comprehensive real estate services ...